Every few years I think to myself: here we go again: Bitcoin is doing that thing where the price goes up, news stories get written about how the Bitcoin price is at an all-time high, more people get excited about it because the price is going up, driving it even higher, making more people excited...
... until something bad happens or speculators get bored and decide to cash out and buy something else they think will be The Thing.
I'm thinking that's happening right now. And I think it will happen again in a few years; I'm not sure the Bitcoin price will ever be stable if it just functions as a place to park I-don't-know-what-to-spend-it-on-right-now wealth.
Thirteen years ago, when one BTC was selling for under a dollar, I said:
"There's a small possibility that in 50 years Bitcoin replaces the dollar as the world's reserve currency."
Today I think I'd say "significant possibility." And I think there is a pretty high chance some cryptocurrency or basket of cryptocurrencies replaces the US dollar as the world's reserve currency in the next forty years.
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do you think Bitcoin price will ever be stable, if so, what might be the causes. if not, will its volatility prevent it to be the world's reserved currency?
I don't think it will ever be 100% stable relative to some broad measure of purchasing power, because I think economic activity will continue to grow but the supply of BTC will not. BTC is destined to be deflationary as long as it is a popular way to park wealth.
But if it is popular enough, it will be stable enough to be the world's reserve currency. After all, the US dollar is not stable either-- it is just more popular and more stable than the alternatives.
If (when?) somebody figures out how to implement a "flatcoin" that is ~100% stable and figures out how to make it popular, that might be an even more attractive reserve currency than deflationary BTC.
I think to be 100% stable (or close to it) and popular, a cryptocurrency should have some kind of rule where the monetary mass can expand according to the number of participants in it, and where new currency units are somehow distributed to all as a universal dividend. More participants = more money creation distributed to all. Fewer participants = slower money growth.
The universal dividend makes lowers the entry barrier for newcomers, while the relative growth % ensures (in theory) that the currency is neither deflationary nor inflationary.
Some people have theorised such a thing under the "relative theory of money".
I really wonder why you have suddenly withdrawn your statement on the Wright signing? Your post is what lead me in the direction. There seems very little info available. How can a signing be faked?
Are you still doing the bitcoin faucet? I missed out on that :(
Here's for the opportunity.
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Galvin, I have been trying to get a hold of you. Please contact me at Sangiod1@yahoo.com. It is very urgent, that you get a hold of me. Sometimes the truth comes in mysterious ways. But I do need some assistance, in which you may be able to assist.
Gavin, are you still the same person?
In Bitcoin Cash we can use anyHedge to hedge against any BCH volatility, we can put our savings in gold, silver, fiat currencies or even other cryptocurrencies like BTC/ETH... there will be more options in the future where we can shelter the value of our Bitcoins.
I thought you would be aware of the project you were working on with Satoshi.
Well i don't think that bitcoin can be stable. I am also thinking to work on as on development i am trying to add a new part as but still not able to understand it's criteria that how it works
Hello Mr Gavin - Given the fact that you were an early bitcoin pioneer and personally interacted with Satoshi I would like to ask... How come you don't contribute to bitcoin anymore on the code side? Did you give up? Did you contribute to BTC what you did at the time and are content with those contributions? I've always viewed you as a benevolent individual and miss the old days where you made great contributions and discussions in the community. I'm happy you are doing well, I have so many questions. Take care!
Why don't I contribute code to bitcoin any more?
Mostly because I don't want to, and because there are plenty of talented younger coders who do. Bitcoin is doing well without me.
Why don't I want to? I think the type of coding that is best for a trillion-dollar project (extremely careful, slow, layers of review, etc) is too bureaucratic for me. I like shiny new things and I like working on things at the cutting edge.
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